Senegal: Fintra facilitates access to cheap salary advances

By : Adoni Conrad Quenum

Date : mardi, 18 octobre 2022 14:07

Fintech is currently the most popular in the African startup ecosystem. It attracts a significant portion of VC investments, encouraging tech entrepreneurs to unleash their creativity. 

Fintra is a fintech solution launched, this year, by Senegalese start-up Orya Technologies. It helps employees face urgent needs by allowing them access to salary advances (up to 20% of salaries at a 6% interest rate) repayable within two weeks.  

The fintech solution -which aims to help employees serenely go by their usual duties while waiting for the next payday- was developed as an answer to the challenges faced by employees when they exhaust their earnings before payday.  Instead of wasting their time on paperwork all in a bid to collect bank loans repayable with a 12% interest, or turning to usurers, workers can simply apply for Fintra loans. 

According to Oumar Diallo, founder, and CEO of Orya Technologies, loan requests are processed automatically but the startup keeps check to avoid disrupting companies’ finances.  

Currently, the platform is in its beta phase. The phase, launched on September 15, 2022, is expected to be completed within two months. For the time being, the loans can be requested only by employees whose employers are enrolled in the program. For Oumar Diallo, the loan process is simple. Once participating companies set up accounts for each of their employees, those employees can request salary advances -via a mobile app- starting from the 15th of every month and receive the advances in their mobile wallets within one hour. 

With Fintra, Orya Technologies targets an about XOF350 billion (US$520 million) market of 350 thousand workers (per company figures) in Senegal. It also targets the West African region and its four million former workers. To reach its goals, it bets on its main investor, Compagnie Générale sénégalaise d’ingénierie et d’investissement.

Adoni Conrad Quenum


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